ICICI Venture To Buy Stake In Maja Healthcare – Private equity firm ICICI Venture is in talks to pick up a stake in New Delhi-based Maja Health Care, which makes Vi-John brand of shaving cream and other personal care products. Maja Healthcare, which clocked Rs 175 crore in sales for 2011-12, plans to aggressively expand its product portfolio and distribution to almost triple its turnover to Rs 500 crore by 2015. (Economic Times)
Bharti Close To Buying Qualcomm’s India License – Qualcomm Inc. (QCOM) is asking Bharti Airtel Ltd. (BHARTI), India’s largest mobile-phone operator, to pay about Rs 5000 crore ($928 million) for its Indian unit as the two companies seek to conclude talks in the next two weeks. Bharti may purchase the unit in installments over two years. Bharti would initially purchase a 26% stake in the unit, currently held by Tulip Telecom Ltd. (TTSL) and Global Holding Corp. (Bloomberg)
Australian Firms Rejects Aditya Birla Bid – Australia’s Northern Iron has rejected a takeover bid from Aditya Birla Group citing lower valuation and would be ready to consider a better offer from the Indian conglomerate. A subsidiary of Aditya Birla Group had made an indicative and non-binding bid, offering to buy each share of the Australian entity in the price range of $1.28 – 1.35. (Business Standard)
ONGC Videsh Pulls Out Of South China Sea Block – ONGC Videsh, the overseas arm of state-owned ONGC, has temporarily pulled out of a choppy offshore oil block in Vietnam in the disputed South China Sea at a time when China has raised sovereignty concerns over India’s oil exploration in the region. A government statement on Tuesday evening said that OVL efforts to drill a well in block 128 in Vietnam were not successful due to logistic constraints in anchoring the rig on a hard sea bottom. (Times of India)
Leelaventure Gets In Principal Nod For CDR – Hotel Leelaventure Ltd has secured in-principle approval from a consortium of bank, led by State Bank of India, to recast debt of about Rs 4,300 crore, which has forced the company to sell some of its properties. The proposed recast will ease the company’s loan burden with significantly lower interest rates. Indian Overseas Bank, Syndicate Bank, Bank of India and IDBI Bank Ltd are the other banks in the consortium. (Mint)
Moser Baer To Restructure $738M Debt – Moser Baer India Ltd, the nation’s biggest solar manufacturer, plans to restructure $738 million of loans and bonds as it jostles to survive a supply glut that has claimed at least 10 U.S., German and French panel makers. The company expects to reach an agreement with banks to restructure Rs 3,500 crore ($649 million) of secured debt by August and may sell new five-year bonds to pay off dollar- convertible notes maturing in June. (Bloomberg)
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